Civil Litigation,
Insurance
Aug. 8, 2022
Insurer owes $44.5M for failure of 33,000-ton metal press
“The policy holder experts said, ‘This happened suddenly,’ and the insurance company experts said, ‘No, this happened over a long period of time’,” Weber Metals Inc. counsel Philip E. Cook said.
A federal jury has found that a subsidiary of Chubb Ltd. owes $44.5 million for the breach of an insurance policy after refusal to cover lost money brought about by the failure of a 33,000-ton forging press.
Eight jurors voted unanimously Aug. 2 to require ACE American Insurance Co. to pay the money to Weber Metals Inc., whose forging press broke down in September 2018.
“The policy holder experts said, ‘This ha...
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